Crypto Market Cap Surges to $3.15 Trillion Amid Institutional Investment
Bitcoin
BTC
$88,921
24h volatility:
9.6%
Market cap:
$1.76 T
Vol. 24h:
$138.56 B
price increased over 10 percent in the last 24 hours, reaching a new all-time high of approximately $89,864. The total cryptocurrency market capitalization rose 7.9 percent to around $3.15 trillion on November 12. The altcoin market, led by Dogecoin
DOGE
$0.41
24h volatility:
46.2%
Market cap:
$60.55 B
Vol. 24h:
$32.62 B
, also recorded significant gains.
Market Sentiment and Liquidations
The fear of another crypto market capitulation has decreased. Bitcoin has consistently closed above the previous macro resistance of approximately $73,000, entering a discovery phase. Fear and greed indexes for Bitcoin and Ethereum surpassed 80 percent for the first time since April, indicating extreme market greed. Over $1.2 billion from the leveraged market has been liquidated in two days, primarily involving BTC, Ether
ETH
$3,372
24h volatility:
7.3%
Market cap:
$405.96 B
Vol. 24h:
$67.86 B
, and Dogecoin.
Institutional Investment Trends
The bullish sentiment in the crypto market is supported by pro-crypto candidates in the United States, including Donald Trump's selection of Scott Bessent, a pro-crypto hedge fund investor, for Treasury Secretary. Institutional investors are increasingly engaging with crypto investment products, particularly the US crypto spot ETF. Recent data shows that US spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have accumulated over $7.7 billion in cash inflows in the past six weeks.
No net cash outflows were recorded from spot Bitcoin ETFs recently, despite increased daily trading volumes. Ethereum has benefited significantly from the shift of capital from Gold and Silver ETFs to cryptocurrencies. The US spot Ether ETF issuers reported a net cash inflow of over $295 million, raising total assets under management (AUM) to $9.7 billion.
On Monday, MicroStrategy Inc (NASDAQ: MSTR) announced a purchase of 27,200 Bitcoins valued at over $2 billion. This brings MicroStrategy's total holdings to 279,420 Bitcoins, with an unrealized profit exceeding $10 billion.
Additionally, newly elected US lawmakers plan to introduce the Bitcoin Act within their first 100 days in office, aiming for government acquisition of 1 million BTC over five years. Such adoption could influence other countries facing national debt crises to consider similar strategies.